Hightower will make a strategic investment in Investment Security Group, a Denver, Colorado-based wealth management firm with $ 800 million in assets under management. Announcing the deal, Hightower Chairman and CEO Bob Oros said the company was “poised to expand into a highly desirable geography.”
Investment Security Group was founded in 1992 and is led by CEO Mitch Powers, as well as CFO Barbara Krause, CFO Marc Friedman and Marketing Director Odette Sahakian, employing 10 employees, including six advisers. According to Hightower, the group works with wealthy individuals and families, with an emphasis on entrepreneurs and executives and a particular focus on affluent women. The firm provides portfolio management, financial, retirement and estate planning, and insurance advice as well as charitable giving advice.
“We chose Hightower because everything about the business, from its technology and compliance services to investment ideas, trust services and digital marketing support, is designed to help us grow our business.” , said Powers.
With Hightower’s investment, ISG will be able to access Hightower’s business acceleration, infrastructure, and middle and back-office services as it pushes deeper into Colorado , the West and across the country through both organic and inorganic growth. No further details on the investment were provided.
Hightower, which has approximately $ 101 billion in assets under management, is based in Chicago and operates as a registered investment advisor. The company works with 116 consulting firms in 34 states and Washington, DC, providing business consulting, leadership development, marketing and technical support services, as well as resources to help companies meet their corporate obligations. compliance, accounting and payroll, among other services. In the event of inorganic growth, Hightower offers its companies M&A sourcing, as well as transaction structuring, due diligence, and legal and regulatory resources.
Last month, Hightower bought Farr, Miller & Washington, a Washintgton, DC-based RIA led by CEO and Chairman Michael Farr; the company had around $ 2 billion in assets under management (and pushed Hightower above $ 100 billion in assets under management), with additional offices in Devon, Pennsylvania and Naples, Florida.
Soon after the start of the new year, Hightower completes its largest acquisition ever by acquiring Bel Air Investment Advisors, a Los Angeles-based RIA with $ 8 billion in client assets under management. The firm, which had 43 employees including 10 advisers, was owned by Fiera Capital Corporation, a publicly traded investment management company based in Montreal.